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Jan 24, 2013
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also powering the rally, news that washington lawmakers passed a short term debt ceiling deal. the u.s. house of representatives gave the okay to a republican plan to suspend the debt limit until may 19. democrats in the senate now say they'll pass it too. darren gersh reports. >> reporter: the debt ceiling suspension came with a couple strings attached. if senate democrats don't pass a budget-- something they haven't done for four years-- members of congress won't get paid until they do. >> this bill simply says, "congress, do your job." when i grew up in wisconsin, if you had a job and you did the work, then you got paid. if you didn't do the work, you didn't get paid. it's that simple. >> house democrats called the pay ploy a gimmicknd saia 90 day reprieve from default simply moves the crisis back. >> for the last two years, we've heard from our republican colleagues economic uncertainty is bad for the economy. guess what? it is. and yet that's exactly what you are doing. another big dose of economic uncertainty. >> reporter: republicans shifted gears on the debt ceiling aft
also powering the rally, news that washington lawmakers passed a short term debt ceiling deal. the u.s. house of representatives gave the okay to a republican plan to suspend the debt limit until may 19. democrats in the senate now say they'll pass it too. darren gersh reports. >> reporter: the debt ceiling suspension came with a couple strings attached. if senate democrats don't pass a budget-- something they haven't done for four years-- members of congress won't get paid until they do....
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Oct 2, 2013
10/13
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ceiling discussions and the discount rate on the one-month t bill, seven basis points. certainly the markets collectively not putting a lot of pressure on washington to act. i think the president wishes that were not the case. >> jeff, do you think things will be different tomorrow? up until now the attitude is long term everything will be okay. do you think investors will react differently after hearing what the president said today? >> well, i think every day we go on, no matter what the president or other lawmakers say, i think we will get more pressure from the markets on washington to act. i mean, there is a gravitational pull, the longer this goes on particularly the closer to october 17th. yes, i think tonight maybe there is hope later today as stocks rally and there might be breakthrough and the president might offer concessions and that clearly was not the case so markets may pull back. remember, investors have been trained not to sell stocks in short term uncertainty. we saw it with the fiscal cliff tax increases, sequester, lots of things and stocks continue
ceiling discussions and the discount rate on the one-month t bill, seven basis points. certainly the markets collectively not putting a lot of pressure on washington to act. i think the president wishes that were not the case. >> jeff, do you think things will be different tomorrow? up until now the attitude is long term everything will be okay. do you think investors will react differently after hearing what the president said today? >> well, i think every day we go on, no matter...
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Jan 10, 2013
01/13
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the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it, but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are owed. but what happens with social security, medicare and federal employee pay, is less clear. so secretary lew would have to make a dec
the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to...
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Mar 1, 2013
03/13
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when we were talkingbout the debt ceiling, there was real urgency, because if we got to the point where you literally can't pay the bills, that's a very big deal. in this case, we'll see cuts, i mean depending on exactly how the obama administration runs things, we may not see anything at all march first. >> reporter: well, not exactly nothing. federal workers and many contractors will get letters tomorrow or early next week giving them notice that they might be furloughed soon. it's hard to see how that would boost consumer confidence and retail sales next month. but the longer the cuts last, the deeper the impact. >> if this goes for the whole year, next seven months, there is no doubt we will have $85 billion in cuts. there will be people laid off, there will be furloughs, there will be contracts canceled, so if you take the whole time, yes. but on the fourth or march, almost nothing like that will happen. the real deadline to worry about now is march 27. that's when funding for the government runs out. and if that happens, it won't be a few workers who are furloughed. most of the go
when we were talkingbout the debt ceiling, there was real urgency, because if we got to the point where you literally can't pay the bills, that's a very big deal. in this case, we'll see cuts, i mean depending on exactly how the obama administration runs things, we may not see anything at all march first. >> reporter: well, not exactly nothing. federal workers and many contractors will get letters tomorrow or early next week giving them notice that they might be furloughed soon. it's hard...
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Sep 4, 2013
09/13
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at some point this fall they're going to have to deal with the debt ceiling. keeping the government running. what happens to immigration. does that push to 146789 then you're into mid election year then politics clouds the issue. the calendar is a real challenge for president obama as he tries to take advantage of every day here in his second term. >> rose: what do you think the president would go if he did not have, if he hadn't crossed this red line, hadn't drawn the red line and then have it crossed and understanding the repercussion understanding the red line and then not doing anything about it. what would he have liked to have done about the middle east, simply ignored it stayed away from the paramount issues of immigration budget and keeping the house in order. >> immigration is where they would like to keep the issues. demonstrate 12eubg issues is where his administration would like to keep the issue. correct. i think they've accurately described where it is. >> rose: chris. >> i was going to just add to maggie, in a way it almost defines his presidenc
at some point this fall they're going to have to deal with the debt ceiling. keeping the government running. what happens to immigration. does that push to 146789 then you're into mid election year then politics clouds the issue. the calendar is a real challenge for president obama as he tries to take advantage of every day here in his second term. >> rose: what do you think the president would go if he did not have, if he hadn't crossed this red line, hadn't drawn the red line and then...
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Feb 1, 2013
02/13
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and it's at that point when boehner says to the president, "hey, you know, on this debt ceiling stuff, we ought to do something big." >> narrator: on and off for weeks, obama and boehner met in secret. >> boehner calls these "the nicorettes and merlot sessions." the president is having iced tea and chewing a nicorette. and boehner is having a glass of merlot red wine and smoking a cigarette. >> narrator: it was obama's dream negotiation. a bipartisan deal. >> if the speaker and the president could come to a deal, and they both, as we used to say, hold hands and kind of jump off the ledge together, then they could not ram through, but they surely, with the strength of their positions, would have a very good chance to sell them the package. >> narrator:he psident offered entitlement cuts. the speaker offered increased revenue from taxes. with less than two weeks to go, they thought they had a deal. it became known as the grand bargain. >> it's not every day that the speaker comes to see the president quietly and says, "i'm willing to do a deal" that everybody knows is going to be danger
and it's at that point when boehner says to the president, "hey, you know, on this debt ceiling stuff, we ought to do something big." >> narrator: on and off for weeks, obama and boehner met in secret. >> boehner calls these "the nicorettes and merlot sessions." the president is having iced tea and chewing a nicorette. and boehner is having a glass of merlot red wine and smoking a cigarette. >> narrator: it was obama's dream negotiation. a bipartisan deal....
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Sep 27, 2013
09/13
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they could be joined together if the continuing resolution is put forward closer to the debt ceiling. >> ifill: one of the things that ties these two issues togethering is this fight over health care. is this -- the fight has been so far in the house and the senate about whether to link defunding the affordable health care act from these two issues. is there really a connection? >> i respectfully suggest not. and i say that in part because i spent a lot of time working to put togethering that bill when i worked in the senate. the fact of the matter is is that the only reason they are trying to do this is they're trying to hurt -- go right at one of the key accomplishments of this president's agenda. they refuse to accept the results of the 2008 and 2012 elections where president obama won and they are doing everything they can to muddy the waters as they move toward the october 1 deadline. >> ifill: whose hot potato is this really, ron? >> this is going to be president obama's hot potato pretty soon because the republicans are likely going to have a delay of obamacare either on the co
they could be joined together if the continuing resolution is put forward closer to the debt ceiling. >> ifill: one of the things that ties these two issues togethering is this fight over health care. is this -- the fight has been so far in the house and the senate about whether to link defunding the affordable health care act from these two issues. is there really a connection? >> i respectfully suggest not. and i say that in part because i spent a lot of time working to put...